What is a Protected Trust Deed?
A Protected Trust Deed is an agreement to repay your debts in affordable amounts, usually over 4 years. It is similar to an IVA but is only available to Scottish residents. Start your debt assessment Fees may apply. Your credit rating may be affected & details may be passed on to 3rd parties. T&Cs apply.
Why consider a Protected Trust Deed?
Lower monthly repayments
A Protected Trust Deed allows you to make affordable monthly payments based on what you can reasonably afford.
Set up within a month
The process of setting up a Protected Trust Deed is usually completed within four weeks, providing quick financial relief.
Stops creditor contact
Once in place, creditors can no longer contact you or take legal action to recover the debt.
Debt written off after completion
After making agreed payments for typically four years, any remaining unsecured debt is legally written off.Why might a Protected Trust Deed not be for me?
Legally binding
A contract that is legally binding.
No guarantee
Creditors have the right to object to your Trust Deed, and if several do, it may not gain protected status.
Equity
You may need to release some equity from your property to benefit your creditors.
Credit rating
Your credit rating will be impacted.Am I eligible for a Protected Trust Deed?
To be eligible for a Protected Trust Deed, you must meet these criteria:
You must live or have lived in Scotland in the last 12 months.
You have debts of £5,000 or more that you cannot afford to pay.
You’re able to pay a regular monthly contribution towards your debts.
You have a regular income that isn’t solely from benefits.
You have not declared bankruptcy within the last 5 years.
Is a Protected Trust Deed right for you?
There’s lots to consider when choosing a debt solution. Speaking to an adviser can help you understand your options and decide whether a Protected Trust Deed is right for your situation.The Debt Advice Service help over 15,000 people in the UK every year
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Safe, secure & confidentialOur 5 step process
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Answer questions about your financial situation
SPEAK TO AN ADVISER
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LEAVE IT TO US
The team will listen to your goals, find a solution and be with you all the way
TIME TO THINK
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TACKLE YOUR DEBTS
We’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further
The Debt Advice Service
We’re here to help you find out what your options are and to talk you through them in plain English.rnrnThe Debt Advice Service will provide you with information on all relevant debt solutions that may be available for you to make an informed choice based on your circumstances. If you wish to pursue a particular debt solution, we’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further.